A-Team Insight Events combine A-Team's expertise in financial markets IT with thought leadership from world-class technology innovators and practical experience from financial market practitioners. In 2011, a quality constituency will once again gather for these focused events in London and New York City.
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EACH Publishes CCP Risk Management Recommendations FREE - A-Team Wire
UK FSA’s Turner Talks up the Data Challenges of Altering Accounting Standards
There is a degree of tension between those seeking to reflect the “truth” with changes to accounting standards and those wishing to reflect the concerns of prudential regulators, according to UK Financial Services Authority (FSA) chairman Adair Turner. In a speech last week to the Institute of Chartered Accountants in England and Wales (ICAEW), Turner discussed the difficulty in revising accounting standards from the regulator’s perspective and the data challenge inherent within this process.
Reserve Bank of India’s Gopinath Discusses Liquidity Risk and OTC Market Reforms
In a similar vein to the G20 talks throughout the course of last year, Shyamala Gopinath, deputy governor of the Reserve Bank of India, has this month been discussing regulatory reforms aimed at reducing the risk around OTC markets via greater transparency and introducing new liquidity risk reporting measures. Gopinath is keen for the country to begin work on tackling the “key elements” for reform, she explained to a gathering of the Fixed Income Money Markets and Derivatives Association - Primary Dealers Association of India at the start of January.
Reader Survey Indicates Many Still Need to Invest in Liquidity Risk Management
The systems and controls aspects of the UK Financial Services Authority’s (FSA) liquidity risk regime may be in force, but it seems quite a high percentage of readers are not yet in compliance. The “Dear CEO” letter sent by managing director of supervision, Jon Pain, this month is seemingly warranted given that many of you are still only in the first stages of considering investing in liquidity risk management for compliance purposes.
UK FSA Asks CEOs to Commit to Liquidity Regime in Writing, Provides New Stress Testing Guidelines
This month, the CEOs of firms under the cosh of the UK Financial Services Authority’s (FSA) new liquidity risk reporting regime received a letter from the regulator’s appropriately titled managing director of supervision, Jon Pain, asking them to pledge their compliance in writing. Given that the December deadline for the systems and controls part of the regime has been and gone, one would have assumed that this was enough of an indicator for firms that they need to be ready to be able to report in the required manner. However, the FSA obviously feels that too many firms out there are far enough behind to require a second warning.
Weekend Talks in Basel Spur on Risk and Data Agenda for 2010
As predicted by A-Team Group last week (see here), the weekend’s discussions in Basel between central bankers, regulators and a number of representatives from the private sector helped to kick off the risk management agenda for 2010. The group discussed the proposals enshrined in the Basel Committee on Banking Supervision’s (BCBS) published in December (see our coverage here) and indicated that time was of the essence in getting these finalised before the end of the year.
New EuroCCP White Paper Offers Proposals to Reduce Risks of Interoperability FREE - A-Team Wire
FSB Releases Reform Agenda for 2010, Liquidity Risk and Accounting Standards Feature Heavily
Last year saw the transformation and empowerment of the Financial Services Board (FSB) to lead and monitor regulatory coordination across Europe. This year, the regulatory body has a significant list of tasks ahead of it to effectively put this function into practice, including coordinating the implementation of improvements to accounting standards and raising capital and liquidity requirements.
Banks Call for Colleges of Supervisors to Better Manage Risk FREE - A-Team Wire
Stage Set for BIS Talks with Industry on Risk at Weekend in Basel
The Bank for International Settlements (BIS) has invited a group of central bank representatives and CEOs of private sector financial institutions, including Citi and BlackRock, to meet in Basel this weekend to discuss the risk related challenges of the current market. The talks are a reaction to concerns about the possible return of “excessive risk taking” amongst financial institutions and will likely include significant debate about the recently released Basel Committee on Banking Supervision (BCBS) proposals (see our coverage here).
UK FSA Cracks out the Big Guns to Keep a Closer Eye on the Industry
Following on from a bumper year of punitive actions and regulatory wrangling, the UK Financial Services Authority (FSA) has taken another step towards addressing its shortfalls by engaging consultancy firms PricewaterhouseCoopers and Ernst & Young to conduct supervisory reviews of a number of large financial institutions at the outset of this year. The regulator has been much criticised for its perceived former lax approach to oversight of the country’s financial services sector and this move is aimed at bolstering its capability to scrutinise these firms’ compliance.
Italian Central Bank Director Stresses Importance of Regulatory Data Consistency Across Europe
In light of the increase in cross border activity and foreign financial institution entry into European domestic markets over recent years, Anna Maria Tarantola, deputy director general of the Bank of Italy, has been talking up the need for common information sharing methodologies and central databases across Europe. Last year, Tarantola discussed these issues with a banking delegation in Milan and stressed the need for increased cooperation between regulatory bodies in terms of data elements and organisation.
Swiss Regulator to Introduce New Liquidity Risk Requirements in Q2 2010
At the end of last year, Philipp Hildebrand, vice chairman of the governing board of the Swiss National Bank, indicated that the central bank has already started the ball rolling with regards to introducing new liquidity and capital requirements. Much like the rest of the world, the regulator is awaiting and will follow the Basel Committee on Banking Supervision (BCBS) consultation, which is due to be finalised at the end of this year.
OECD Talks up Data Quality Issues Within Regulatory Databases
At the end of 2009, the Organisation for Economic Cooperation and Development (OECD) added to the long list of regulatory papers highlighting the importance of data quality in the oversight function with a paper on regulatory systems. The regulatory policy committee report, Indicators of Regulatory Management Systems, highlights the need for greater consistency in terms of treatment of data by regulators and a renewed focus on data quality.
BCBS Finally Produces Capital and Liquidity Requirements Proposals
The Basel Committee on Banking Supervision (BCBS) has finally published its proposals to tackle the areas of deficiency highlighted in the capital and liquidity framework as a result of the financial crisis. The long awaited proposals are set to form the foundation of most regulators’ planned liquidity risk reporting regimes and will force financial institutions to hold higher capital and liquidity buffers to survive periods of market stress.
Financial Services Braced for Global Data Deluge in 2010 FREE - A-Team Wire
Japanese FSA Produces Reform Blueprint, Bank of Japan’s Shirakawa Talks up Risk Management
The Japanese Financial Services Agency (FSA) has released its blueprint for an overhaul of the country’s financial services regulatory framework, including forcing more transparency in the OTC derivatives markets, new trade reporting requirements and risk management provisions. Last week, the governor of the Bank of Japan, Masaaki Shirakawa, also spoke about the importance of Japanese flavoured risk management and regulation at a Bank for International Settlements (BIS) summit in Kuala Lumpur.
Enterprise Risk Management and Role of CRO on the Radar for 2010, Say SOA Survey Respondents
Risk surveys this year have indicated a growing trend within the industry for respondents to talk up the role of the chief risk officer (CRO) and the move towards enterprise-wide risk management, although how much of this is just idle chatter is yet to be fully determined. One such recent survey, which was conducted by the Society of Actuaries (SOA) and Towers Perrin, highlights respondents’ intent to re-evaluate the role of the CRO around the operational risk in 2010.
CEBS Outputs Another CP, This Time on Risk Stress Testing Best Practices
The Committee of European Banking Supervisors (CEBS) has added another document to the industry’s Christmas reading list with the publication of its revised guidelines on stress testing, otherwise known as CP32. The new guidelines, on which the industry has until 31 March to comment, include details of the scale of the data management challenge posed by these on demand stress testing requirements.
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